Almost universally today entities such as financial institutions or the like (collectively financial institutions herein) offer some sort of online presence (e.g., web site, mobile application, etc.) by which users can conduct transactions or other activities with the financial institution through a distributed network. Moreover each entity may conduct transactions or other activities (collectively transactions) associated with that user through that same distributed network. For example, the resolution of a user's credit card purchase with an affiliated credit or payment network may be conducted through the same distributed network.
In many instances, however, data processing platforms utilized by financial institutions or other entities to manage or otherwise process user accounts and associated information of transactions pertaining to these accounts have been developed over a number of years and may have a correspondingly long lifespan. These data processing systems may offer a certain range of functionality, however, in many cases these legacy systems are incompatible with one another. Consequently, at present, financial institutions are not easily or directly able to view data or conduct transactions between themselves, as different financial institutions may utilize different types of data processing platforms. This limitation may severely limit the value financial institutions can create for their customers and may adversely impact their own operating efficiencies as well. More specifically these limitations may prevent or hinder the ability of a financial institution to conduct transactions (e.g., viewing account information, moving funds between accounts, withdrawing or transferring funds from an account, etc.) in conjunction with other financial institutions or to implement an online presence.
For these reasons, among others, in many cases an entity's online presence may be implemented or managed from a distinct system where, for example, that distinct system may be implemented or facilitated by a third party provider. In fact, these distinct systems may provide functionality related to the online presence of multiple distinct entities, including for example, the collection and presentation of data associated with a user, including accounts, account activity, the generation and presentation of interfaces for presenting such information to the user, etc.
In conjunction with the use of such an online presence by a user, an opportunity is presented to a financial institution to recommend a product offering of that entity to the user through such an online presence. Specifically, the various entities, including financial institutions, usually have a wide variety of products on offer. These products, include for example, savings accounts, (e.g., retail, commercial, HSA accounts, etc.), credit products (e.g., credit cards), prime deposit products, loans, accounts (e.g., various types of checking accounts, etc.) or other products. It is often difficult to know which particular product of a financial institution to recommend to a user, as data on the user, the financial products offered by the institution or other data may be scarce. For example, even that particular user may have their limited number of accounts or services spread out over multiple financial institutions.
This fact, however, has not diminished the desire of these financial institutions to recommend their products to users interacting through with their online presence. Additionally, it is also desired to improve the quality of recommendations that are made to the users, for a variety of reasons, not the least of which it to increase uptake of the recommendations by the user.